Welcome!

Wireless Authors: Liz McMillan, Nicholas Lee, Jackie Kahle, Yeshim Deniz, Daniel Keeney

News Feed Item

Circa Reports Sales and Operating results for the Second Quarter Ended June 30, 2014 and common shares issued under the Share Acquisition Plan

CALGARY, Aug. 7, 2014 /CNW/ - Circa Enterprises Inc. (CTO-TSXV) (the "Company" or "Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, reports results of operations for the second quarter ended June 30, 2014 and the issuance of common shares under the Share Acquisition Plan.

OPERATING RESULTS

Summary of second quarter operating results:

  • Q2 2014 consolidated sales of $7.1 million, representing a 25.2% increase compared to Q2 2013 sales of $5.6 million
  • Profit for the period from continuing operations for Q2 2014 of $316,000 compared to profit from continuing operations of $178,000 for Q2 2013
  • Earnings per share of $0.03 for Q2 2014 compared to earnings per share of $0.02 in Q2 2013
  • EBITDA of $512,000 for Q2 2014 compared to EBITDA of $301,000 for Q2 2013 (see below for explanation and calculation of EBITDA)
  • Working capital of $7.7 million, including $756,000 in cash and no outstanding debt at June 30, 2014

Summary of year-to date operating results:

  • Consolidated sales of $14.4 million for the six months ended June 30, 2014, compared to sales of $10.2 million for the six months ended June 30, 2013
  • Profit for the period from operations for the six months ended June 30, 2014 of $591,000, compared to a loss for the period from operations of $26,000 for the same period in 2013
  • EBITDA of $976,000 for the six month period ended June 30, 2014, compared to EBITDA of $113,000 for the same period in 2013

EBITDA is earnings before interest, taxes, depreciation and amortization.  EBITDA is a non-IFRS financial measure and does not have any standardized meaning prescribed by International Financial Reporting Standards and, therefore, may not to be comparable to similar measures presented by other issuers.  Management believes that EBITDA is a useful supplemental measure, which provides an indication of the results generated by Circa's primary business activities prior to consideration of how those activities are financed, amortized or taxed.  Readers are cautioned, however, that EBITDA should not be construed as an alternative to comprehensive income determined in accordance with IFRS as an indicator of the Company's financial performance. EBITDA is calculated by the Company as follows:







(unaudited)
Six months

30 June 2014

(unaudited)
Six months

30 June 2013

(unaudited)
Three months

30 June 2014

(unaudited)
Three months

30 June 2013


$000's

$000's

$000's

$000's

Profit (loss) profit for the period from

operations

587

(26)

316

178

Income taxes

281

20

144

62

Interest

1

9

-

6

Depreciation and amortization

103

110

52

55

EBITDA

972

113

512

301

 

Consolidated sales for the second quarter of 2014 were $7.1 million -- a  25.2% increase over the same period in 2013. The increase in sales is primarily from the Telecom segment, which saw a 55.9% increase in sales over the same period in 2013, due to an increase in orders in its Telecom OEM products.

As a result of the increased sales, the Company earned an after tax profit of $316,000, compared to after tax profit of $178,000 in the second quarter of 2013.  Total comprehensive income decreased by $29,000; from a profit $253,000 in Q2 2013 to $224,000 in Q2 2014.  The drop in comprehensive income is attributed to exchange differences on the translation of foreign currency.

Grant Reeves, Circa's Interim President and Chief Executive Officer, stated:

"The Company posted excellent results for the second quarter and first half of the year chiefly as a result of Telecom OEM demand and to a lesser extent its Metals business. The Company expects to satisfy the majority of its Telecom OEM requirements for an underlying project in the third quarter. As a result of the anticipated conclusion of the underlying project the Company expects its product mix and volumes in the future to reflect this event. We are actively pursuing strategic additions to our portfolio that will allow the Company to continue its growth and profitable results."

CIRCA ENTERPRISES INC.
Consolidated Statements of Comprehensive Income


Unaudited






Six months

ended

30 June 2014

Six months

ended

30 June 2013

Three months

ended

30 June 2014

Three months

 ended

30 June 2013


$000's

$000's

$000's

$000's






Sales

14,384

10,194

7,058

5,637

Cost of sales

(11,177)

(7,955)

(5,426)

(4,289)

Gross profit

3,207

2,239

1,632

1,348

Selling, general and administrative

expenses

(2,338)

(2,236)

(1,172)

(1,102)

Operating profit

869

3

460

246

Other income

4

-

-

-

Finance costs

(1)

(9)

-

(6)

Profit (loss) before tax

872

(6)

460

240

Income tax expense

(281)

(20)

(144)

(62)

Profit (loss) for the period from

operations attributable to

shareholders of the Company

591

(26)

316

178

Other comprehensive income:





Exchange differences on translating

foreign operations, net of tax

25

121

(92)

75

Total comprehensive income for the

period attributable to shareholders of

the Company

616

95

224

253






Earnings (loss) per share (in $'s)





Basic and diluted

0.06

(0.00)

0.03

0.02

 

COMMON SHARES ISSUED UNDER ACQUISITION PLAN

On August 7, 2014 the Company issued an aggregate of 7,732 common shares to directors pursuant to the Company's Share Acquisition Plan at a deemed price of $0.97 per share in lieu of the cash annual retainer otherwise payable to the directors.

Circa Enterprises Inc. is a public company with operations in Alberta, Ontario and Florida. The outstanding common shares of Circa Enterprises Inc. are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company's quarterly financial statements and related management's discussion and analysis have been filed with certain securities regulatory authorities in Canada and may be accessed electronically through the SEDAR website at www.sedar.com.

SOURCE Circa Enterprises Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Located in booth #314, the Bsquare team will present DataV demos and discuss how DataV will help customers put their data to work to improve business outcomes. DataV is unlocking new initiatives across a wide landscape of customers in industries such as industrial manufacturing, transportation, retail and mobile. The solution is designed to complement a new project start or help to enrich an existing machine investment.